On 17 April 2020, Huarong Investment Stock Corporation Limited (as borrower) signed a revolving loan facility letter with a bank for up to an aggregate amount of HKD 300,000,000 (or its equivalent in USD). The Facility is unsecured and be at all times available at the sole and absolute discretion of the bank. The availability of the Facility is subject to, among other things, a letter of comfort (the "Letter of Comfort") being issued by China Huarong Asset Management Co. Ltd., the controlling shareholder of the Company. Under the Letter of Comfort, as long as the Facility remains outstanding, China Huarong has undertaken to, among other, remain as the majority shareholder of the Company. As at the date of this announcement, China Huarong beneficially owns approximately 50.99% of the issued share capital of the Company. A breach of any of the Specific Performance Obligation will constitute an event of default under the Facility Letter whereupon, the bank will have the power to declare the commitments to be cancelled and/or declare all outstanding amounts together with interest accrued and other sums payable by the Company to be forthwith due and payable.